Insurance Journal Forums

My deceased husband left me his insurance/securities book of business of 30years. I have limited knowledge of the business. The broker is stating that he did not have a succession plan in place which is erroneous, as I am his successor as per the legal documents.
They have taken it upon themselves to redistribute his book of business, which is estimated at approximately 5 million.

As per my understanding I am entitled to either a buy out by the brokerage firm or I may be allowed to sell this book of business to a third party. My intent is to get a formal valuation completed and use a consultant who has expertise in reselling such entties.

Any advise, suggestions, or recommendations of how I need to proceed is greatly appreciated.

First, I'm sorry for your loss.

Secondly, and seriously, you need to engage the services of an attorney familiar with business law. Posting a question here regarding your financial future and the legality of a broker relationship in a specific state is not to your benefit. Besides, even if someone posted 'advice', would you really want to rely on it to navigate a contractual dispute specific to you and your state of residence?

Hire an attorney and pay for the expertise necessary to resolve the issue.